Single Touch Payroll has been in news for several months now. By the time it has been quite a familiar name to every business owner due to frequent online citation.

Here is a little sum up as it has been creating so much buzz around.

Single Touch Payroll is actually nothing but reporting all your payroll information directly (through online software) to ATO on thevery day of doing all your payroll.

Here are some considerable points of STP :

• From July 1st 2019, STP is going to be mandatory for every business owner even with one employee.
• STP doesn’t affect your payment obligation cycle for Employees tax, Superannuation and other payroll taxes.
• There is numerous accounting software in the market with minimum cost just to comply with STP requirements.

Single Touch Payroll is believed to make the whole accounting process simpler and easier and help business owners deal with payroll reporting requirements.

Regards : www.smartbusinessadvisors.com.au